4 Tips for Improving Turn Rate
Any automotive dealer knows that bringing cars onto the lot is a hundred times easier than moving cars off of it. Especially in the year 2020, it is important to make sure that inventory doesn’t overstay its welcome. On average, a dealership’s turn rate should average 30 days, and this article will offer tip on how to achieve that goal.
- Improve website. Data has shown that the average customer visits over 20 websites while researching to purchase. If a dealership doesn’t have an easy-to-use and regularly updated website, customers can’t view inventory and will most likely not make a purchase. Especially with the recent coronavirus pandemic, showing off inventory online is a great way to move cars off of the lot and into customers’ driveways.
- Competitive Pricing. With the advent of the Internet, a dealership not only needs to have the best pricing locally, but on a wider scale, as well. Thankfully, Laser Appraiser Dealer Studio calculates the prices of inventory based off of factors such as appraisal amount, profit objective, and real-time market position. When inventory is priced well, customers are attracted, and cars won’t stay on the premises for long.
- Inventory Planning. Buying the right cars at the right time is important for keeping a good turn rate, but it’s much easier said than done. Sometimes, the market trends can be hard to predict with the naked eye. By using Dealer Studio’s Market Spy, an automotive dealership can use live market information to plan smarter purchases. When customers come to the lot, they will see the cars that they want to buy.
- Zip code marketing. Nowadays, it can be harder to convince someone to leave the house – but knowing that a dealership has exactly what you’re looking for can be a big draw. By using precision marketing to target certain populations, a dealership can guarantee more traffic to their location. The equation is simple: higher traffic = a higher chance that cars are going to leave the lot.
Every dealer knows that turn rate can make or break whether a business is successful. Cars that sit on the tarmac and rot are detrimental to the business. Use these 4 tips and Dealer Studio to make sure that your automotive dealership lets go of just as many vehicles as it brings in.